UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09301

TIAA-CREF Funds

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Brian Lawrence, Esq.

TIAA-CREF Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 842‑2733

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

    

Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Class R6 Shares/TIILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class R6 Shares	$26	0.25%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 2.87% for Class R6 Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out‑of‑benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Class R6 Shares at NAV	2.87%	3.28%	2.62%	2.28%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.35%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	2.53%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,916,600,424
Total number of portfolio holdings		53
Portfolio turnover (%)		30%
Total management fees paid for the year	$	5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Institutional Class shares of the Fund were renamed Class R6 shares.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87244W482_AR_1224 4139973-0226

3

    
Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Class A Shares/TCILX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$56	0.55%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 2.63% for Class A Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out-of-benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Class A Shares at NAV (excluding maximum sales charge)	2.63%	2.88%	2.31%	1.95%
Class A at maximum sales charge (Offering Price)	(1.21)%	(0.98)%	1.53%	1.56%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.35%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	2.53%

Class A Shares at Offer reflect a maximum up‑front sales charge of 3.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,916,600,424
Total number of portfolio holdings		53
Portfolio turnover (%)		30%
Total management fees paid for the year	$	5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Retail Class shares of the Fund were renamed Class A shares.

• Sales charge: Effective May 6, 2024, a sales charge is imposed on purchases of Class A shares (formerly Retail Class shares) of the Fund of less than certain amounts. Therefore, effective as of May 6, 2024, Class A shares are available for purchase at the offering price, which will be the net asset value (NAV) per share plus an up‑front sales charge.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

3 continued>>

87244W474_AR_1224 4139973-0226

4

    

Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Retirement Class Shares/TIKRX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Retirement Class Shares	$52	0.50%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 2.65% for Retirement Class Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out‑of‑benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Retirement Class Shares at NAV	2.65%	2.99%	2.36%	2.01%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.35%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	2.53%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,916,600,424
Total number of portfolio holdings		53
Portfolio turnover (%)		30%
Total management fees paid for the year	$	5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

886315696_AR_1224 4139973-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Premier Class Shares/TIKPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Premier Class Shares	$43	0.42%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 2.65% for Premier Class Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out‑of‑benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Premier Class Shares at NAV	2.65%	3.02%	2.44%	2.11%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.35%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	2.53%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,916,600,424
Total number of portfolio holdings		53
Portfolio turnover (%)		30%
Total management fees paid for the year	$	5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87245M459_AR_1224 4139973-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Class I Shares/TIIHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$39	0.38%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 2.77% for Class I Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out‑of‑benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the period since Inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (December 4, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑month	1‑Year	5‑Year	Since Inception
Class I Shares at NAV	2.77%	3.15%	2.51%	2.53%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.41%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	2.81%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$2,916,600,424
Total number of portfolio holdings	53
Portfolio turnover (%)	30%
Total management fees paid for the year	$    5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Advisor Class shares of the Fund were renamed Class I shares.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by March 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87245P668_AR_1224 4139973-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Inflation Linked Bond Fund

Class W Shares/TIIWX

Annual Shareholder Report

This annual shareholder report contains important information about the Class W Shares of the Nuveen Inflation Linked Bond Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class W Shares	$0	0.00%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Inflation Linked Bond Fund returned 3.06% for Class W Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index, which returned 2.82%.

•  Top contributors to relative performance

»   Security selection within U.S. Treasuries.

»   Out‑of‑benchmark exposures to mortgage-backed securities and government agency securities.

»   Yield curve positioning.

•  Top detractors from relative performance

»   A small allocation to cash.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (September 28, 2018 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	Since Inception
Class W Shares at NAV	3.06%	3.53%	2.86%	3.36%
Bloomberg U.S. Aggregate Bond Index	2.04%	1.25%	(0.33)%	1.34%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1‑10 Year Index	2.82%	3.09%	2.69%	3.22%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,916,600,424
Total number of portfolio holdings		53
Portfolio turnover (%)		30%
Total management fees paid for the year	$	5,274,605

 

What did the Fund invest in? (as of December 31, 2024)

⁽¹⁾ Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Inflation-Linked Bond Fund to Nuveen Inflation Linked Bond Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Portfolio Manager Updates: Effective August 1, 2024, Nicholas Travaglino is no longer a portfolio manager of the Fund.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87245P379_AR_1224 4139973-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Real Estate Securities Select Fund

Class R6 Shares/TIREX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Real Estate Securities Select Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class R6 Shares	$51	0.50%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Real Estate Securities Select Fund returned 6.74% for Class R6 Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund outperformed the FTSE Nareit All Equity REITs Index, which returned 6.31%.

•  Top contributors to relative performance

»   Security selection in the health care sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to Welltower Inc. and Ventas, Inc.

»   An underweight allocation in the telecommunications REITs sector, led by underweights to Crown Castle Inc., SBA Communications Corporation and American Tower Corporation.

»   An underweight allocation in the timber REITs sector, led by an underweight to Weyerhaeuser Company.

•  Top detractors from relative performance

»   An overweight allocation in the industrial sector, including overweights to Prologis, Inc., Rexford Industrial Realty, Inc., Lineage, Inc. and Terreno Realty Corporation.

»   An underweight allocation in the specialty sector, including an underweight to Iron Mountain, Inc.

»   An overweight allocation in the manufactured homes sector, including overweights to Sun Communities, Inc. and Equity LifeStyle Properties, Inc.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Class R6 Shares at NAV	6.74%	5.31%	3.53%	6.26%
S&P 500® Index	13.08%	25.02%	14.53%	13.10%
FTSE Nareit All Equity REITs Index	6.31%	4.92%	3.29%	5.83%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

Return of Capital: During the current reporting period, $0.02 per share of the Fund’s distribution was re‑characterized as a return of capital resulting from subsequent re‑characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,784,680,147
Total number of portfolio holdings		47
Portfolio turnover (%)		21%
Total management fees paid for the year	$	10,236,142

 

What did the Fund invest in? (as of December 31, 2024)

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Real Estate Securities Fund to Nuveen Real Estate Securities Select Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Institutional Class shares of the Fund were renamed Class R6 shares.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87244W797_AR_1224 4139988-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Real Estate Securities Select Fund

Class A Shares/TCREX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Real Estate Securities Select Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class A Shares	$80	0.78%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Real Estate Securities Select Fund returned 6.52% for Class A Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund performed in line with the FTSE Nareit All Equity REITs Index, which returned 6.31%.

•  Top contributors to relative performance

»   Security selection in the health care sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to Welltower Inc. and Ventas, Inc.

»   An underweight allocation in the telecommunications REITs sector, led by underweights to Crown Castle Inc., SBA Communications Corporation and American Tower Corporation.

»   An underweight allocation in the timber REITs sector, led by an underweight to Weyerhaeuser Company.

•  Top detractors from relative performance

»   An overweight allocation in the industrial sector, including overweights to Prologis, Inc., Rexford Industrial Realty, Inc., Lineage, Inc. and Terreno Realty Corporation.

»   An underweight allocation in the specialty sector, including an underweight to Iron Mountain, Inc.

»   An overweight allocation in the manufactured homes sector, including overweights to Sun Communities, Inc. and Equity LifeStyle Properties, Inc.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month			1‑Year			5‑Year			10‑Year
Class A Shares at NAV (excluding maximum sales charge)		6.52	%		5.01	%		3.24	%		5.95	%
Class A at maximum sales charge (Offering Price)		0.41	%		(1.05	)%		2.02	%		5.32	%
S&P 500® Index		13.08	%		25.02	%		14.53	%		13.10	%
FTSE Nareit All Equity REITs Index		6.31	%		4.92	%		3.29	%		5.83	%

Class A Shares at Offer reflect a maximum up‑front sales charge of 5.75% applicable to the purchase of Class A shares, which was effective as of May 6, 2024.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

Return of Capital: During the current reporting period, $0.02 per share of the Fund’s distribution was re‑characterized as a return of capital resulting from subsequent re‑characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,784,680,147
Total number of portfolio holdings		47
Portfolio turnover (%)		21%
Total management fees paid for the year	$	10,236,142

 

What did the Fund invest in? (as of December 31, 2024)

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Real Estate Securities Fund to Nuveen Real Estate Securities Select Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Retail Class shares of the Fund were renamed Class A shares.

• Sales charge: Effective May 6, 2024, a sales charge is imposed on purchases of Class A shares (formerly Retail Class shares) of the Fund of less than certain amounts. Therefore, effective as of May 6, 2024, Class A shares are available for purchase at the offering price, which will be the net asset value (NAV) per share plus an up‑front sales charge.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257‑8787.

87244W771_AR_1224 4139988-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Real Estate Securities Select Fund

Retirement Class Shares/TRRSX

Annual Shareholder Report

This annual shareholder report contains important information about the Retirement Class Shares of the Nuveen Real Estate Securities Select Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Retirement Class Shares	$77	0.75%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Real Estate Securities Select Fund returned 6.59% for Retirement Class Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund outperformed the FTSE Nareit All Equity REITs Index, which returned 6.31%.

•  Top contributors to relative performance

»   Security selection in the health care sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to Welltower Inc. and Ventas, Inc.

»   An underweight allocation in the telecommunications REITs sector, led by underweights to Crown Castle Inc., SBA Communications Corporation and American Tower Corporation.

»   An underweight allocation in the timber REITs sector, led by an underweight to Weyerhaeuser Company.

•  Top detractors from relative performance

»   An overweight allocation in the industrial sector, including overweights to Prologis, Inc., Rexford Industrial Realty, Inc., Lineage, Inc. and Terreno Realty Corporation.

»   An underweight allocation in the specialty sector, including an underweight to Iron Mountain, Inc.

»   An overweight allocation in the manufactured homes sector, including overweights to Sun Communities, Inc. and Equity LifeStyle Properties, Inc.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Retirement Class Shares at NAV	6.59%	5.05%	3.28%	6.00%
S&P 500® Index	13.08%	25.02%	14.53%	13.10%
FTSE Nareit All Equity REITs Index	6.31%	4.92%	3.29%	5.83%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

Return of Capital: During the current reporting period, $0.02 per share of the Fund’s distribution was re‑characterized as a return of capital resulting from subsequent re‑characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,784,680,147
Total number of portfolio holdings		47
Portfolio turnover (%)		21%
Total management fees paid for the year	$	10,236,142

 

What did the Fund invest in? (as of December 31, 2024)

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Real Estate Securities Fund to Nuveen Real Estate Securities Select Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87244W789_AR_1224 4139988-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Real Estate Securities Select Fund

Premier Class Shares/TRRPX

Annual Shareholder Report

This annual shareholder report contains important information about the Premier Class Shares of the Nuveen Real Estate Securities Select Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the last 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Premier Class Shares	$67	0.65%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Real Estate Securities Select Fund returned 6.65% for Premier Class Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund outperformed the FTSE Nareit All Equity REITs Index, which returned 6.31%.

•  Top contributors to relative performance

»   Security selection in the health care sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to Welltower Inc. and Ventas, Inc.

»   An underweight allocation in the telecommunications REITs sector, led by underweights to Crown Castle Inc., SBA Communications Corporation and American Tower Corporation.

»   An underweight allocation in the timber REITs sector, led by an underweight to Weyerhaeuser Company.

•  Top detractors from relative performance

»   An overweight allocation in the industrial sector, including overweights to Prologis, Inc., Rexford Industrial Realty, Inc., Lineage, Inc. and Terreno Realty Corporation.

»   An underweight allocation in the specialty sector, including an underweight to Iron Mountain, Inc.

»   An overweight allocation in the manufactured homes sector, including overweights to Sun Communities, Inc. and Equity LifeStyle Properties, Inc.

1 continued>>

How did the Fund perform over the last 10 years?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (January 1, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	10‑Year
Premier Class Shares at NAV	6.65%	5.13%	3.38%	6.10%
S&P 500® Index	13.08%	25.02%	14.53%	13.10%
FTSE Nareit All Equity REITs Index	6.31%	4.92%	3.29%	5.83%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

Return of Capital: During the current reporting period, $0.02 per share of the Fund’s distribution was re‑characterized as a return of capital resulting from subsequent re‑characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$2,784,680,147
Total number of portfolio holdings	47
Portfolio turnover (%)	21%
Total management fees paid for the year	$10,236,142

 

What did the Fund invest in? (as of December 31, 2024)

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Real Estate Securities Fund to Nuveen Real Estate Securities Select Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus  •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

87245M327_AR_1224 4139988-0226

3

    

Annual Shareholder Report     December 31, 2024  

Nuveen Real Estate Securities Select Fund

Class I Shares/TIRHX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Real Estate Securities Select Fund for the period of April 1, 2024 to December 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

 

What were the Fund costs for the 9 months? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Class I Shares	$64	0.62%

* Annualized for period less than one year.

 

How did the Fund perform last year? What affected the Fund’s performance?

•  The Nuveen Real Estate Securities Select Fund returned 6.69% for Class I Shares at net asset value (NAV) for the abbreviated nine-month reporting period ended December 31, 2024. The Fund outperformed the FTSE Nareit All Equity REITs Index, which returned 6.31%.

•  Top contributors to relative performance

»   Security selection in the health care sector, led by an underweight to Alexandria Real Estate Equities, Inc. and overweights to Welltower Inc. and Ventas, Inc.

»   An underweight allocation in the telecommunications REITs sector, led by underweights to Crown Castle Inc., SBA Communications Corporation and American Tower Corporation.

»   An underweight allocation in the timber REITs sector, led by an underweight to Weyerhaeuser Company.

•  Top detractors from relative performance

»   An overweight allocation in the industrial sector, including overweights to Prologis, Inc., Rexford Industrial Realty, Inc., Lineage, Inc. and Terreno Realty Corporation.

»   An underweight allocation in the specialty sector, including an underweight to Iron Mountain, Inc.

»   An overweight allocation in the manufactured homes sector, including overweights to Sun Communities, Inc. and Equity LifeStyle Properties, Inc.

1 continued>>

How did the Fund perform over the period since Inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (December 4, 2015 through December 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	9‑Month	1‑Year	5‑Year	Since Inception
Class I Shares at NAV	6.69%	5.24%	3.43%	6.51%
S&P 500® Index	13.08%	25.02%	14.53%	14.09%
FTSE Nareit All Equity REITs Index	6.31%	4.92%	3.29%	6.32%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or call (800) 257‑8787.

Return of Capital: During the current reporting period, $0.02 per share of the Fund’s distribution was re‑characterized as a return of capital resulting from subsequent re‑characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of December 31, 2024)

Fund net assets	$	2,784,680,147
Total number of portfolio holdings		47
Portfolio turnover (%)		21%
Total management fees paid for the year	$	10,236,142

 

What did the Fund invest in? (as of December 31, 2024)

 

How has the Fund changed?

• Name change: Effective May 1, 2024, the Fund’s name changed from TIAA-CREF Real Estate Securities Fund to Nuveen Real Estate Securities Select Fund.

• Management fees: Effective May 1, 2024, the Fund’s management fee schedule consists of two components: a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by Teachers Advisors, LLC and Nuveen Fund Advisors, LLC. As of May 1, 2024, the Fund’s overall complex-level fee begins at a maximum rate of 0.1600% of the Fund’s average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.

• Change in fiscal and tax year end: Effective April 1, 2024, the Fund’s fiscal and tax year ends changed from March 31 to December 31. The Fund continued to follow its March 31 regulatory reporting schedule through September 30, 2024, after which it prepared this annual report for the 9‑month period ended December 31, 2024.

• Share class name change: Effective May 6, 2024, Advisor Class shares of the Fund were renamed Class I shares.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by May 1, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257‑8787.

87245P593_AR_1224 4139988-0226

3

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

The aggregate fees billed by PwC as disclosed below for the fiscal year ended March 31, 2024 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended March 31, 2024 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the March 31, 2024 Form N-CSR.

(a) Audit Fees.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $72,950 and $686,641, respectively.

(b) Audit Related Fees.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $5,133, respectively.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

(c) Tax Fees.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $95, respectively.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

(d) All Other Fees.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

(e)(1) Preapproval Policy.

The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement,

and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

(e)(2)  Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

(f)    The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

(g) Non-Audit Fees for Related Entities.

For the fiscal period ended December 31, 2024 and fiscal year ended March 31, 2024, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $293,312 and $210,180, respectively.

(h)    The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

1

Item

7.

Financial

Statements

and

Financial

Highlights

for

Open-

End

Management

Investment

Companies

Report

of

Independent

Registered

Public

Accounting

Firm

2

To

the

Board

of

Trustees

of

TIAA-CREF

Funds

and

Shareholders

of

Nuveen

Inflation

Linked

Bond

Fund

and

Nuveen

Real

Estate

Securities

Select

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Nuveen

Inflation

Linked

Bond

Fund

and

Nuveen

Real

Estate

Securities

Select

Fund

(two

of

the

funds

constituting

TIAA-CREF

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2024,

the

related

statements

of

operations

for

the

period

April

1,

2024

through

December

31,

2024

and

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

the

period

April

1,

2024

through

December

31,

2024

and

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

the

period

April

1,

2024

through

December

31,

2024

and

each

of

the

five

years

in

the

period

ended

March

31,

2024

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2024,

the

results

of

each

of

their

operations

for

the

period

April

1,

2024

through

December

31,

2024

and

year

then

ended

March

31,

2024,

the

changes

in

each

of

their

net

assets

for

the

period

April

1,

2024

through

December

31,

2024

and

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

the

period

April

1,

2024

through

December

31,

2024

and

each

of

the

five

years

in

the

period

ended

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2024

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Chicago,

Illinois

February

27,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in Nuveen

Funds

since

2002. 

Portfolio

of

Investments

December

31,

2024

Inflation

Linked

Bond

3

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

99.7%

CORPORATE

BONDS

-

0

.3

%

ENERGY

-

0.1%

$

986,842

Reliance

Industries

Ltd

2

.444

%

01/15/26

$

974,687‌

TOTAL

ENERGY

974,687‌

FINANCIAL

SERVICES

-

0.0%

771,720

HNA

LLC

2

.369

09/18/27

739,530‌

TOTAL

FINANCIAL

SERVICES

739,530‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.2%

6,235,000

Montefiore

Medical

Center

2

.895

04/20/32

5,298,411‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

5,298,411‌

TOTAL

CORPORATE

BONDS

(Cost

$7,988,405)

7,012,628‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT

BONDS

-

99.4%

AGENCY

SECURITIES

-

0.2%

9,000,000

Federal

National

Mortgage

Association

1

.625

08/24/35

6,499,699‌

TOTAL

AGENCY

SECURITIES

6,499,699‌

MORTGAGE

BACKED

-

1.8%

7,331,867

Ginnie

Mae

I

Pool

3

.600

09/15/31

7,143,978‌

4,045,839

Ginnie

Mae

I

Pool

3

.700

10/15/33

3,924,964‌

1,225,361

Ginnie

Mae

I

Pool

3

.380

07/15/35

1,200,008‌

1,199,197

Ginnie

Mae

I

Pool

3

.870

10/15/36

1,158,252‌

4,388,734

Ginnie

Mae

I

Pool

3

.940

03/15/37

4,187,478‌

15,790,537

Ginnie

Mae

I

Pool

1

.730

07/15/37

13,473,002‌

11,819,019

Ginnie

Mae

I

Pool

1

.650

07/15/42

9,678,819‌

12,005,423

Ginnie

Mae

I

Pool

2

.750

01/15/45

10,810,482‌

TOTAL

MORTGAGE

BACKED

51,576,983‌

U.S.

TREASURY

SECURITIES

-

97.4%

533

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

01/15/25

532‌

167

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/25

167‌

975,424

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

969,389‌

954,769

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

949,002‌

607,778

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

600,754‌

91,184,387

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

89,929,363‌

59,892,698

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

59,896,695‌

63,304,198

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

61,785,082‌

89,546,348

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

87,450,726‌

121,521,780

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

118,141,186‌

129,929,732

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

125,977,790‌

39,684,528

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

01/15/27

40,060,997‌

19,005,320

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

18,216,092‌

87,746,778

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

84,677,134‌

84,233,309

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

83,725,585‌

97,383,904

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

93,093,081‌

26,465,235

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

26,270,561‌

168,033,986

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

04/15/28

163,712,594‌

44,459,204

(a)

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

46,654,944‌

69,162,123

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

66,427,384‌

73,529,743

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

10/15/28

74,668,099‌

96,225,197

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

91,869,627‌

78,045,126

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

01/15/29

79,411,868‌

162,005,963

(a)

United

States

Treasury

Inflation

Indexed

Bonds

2

.125

04/15/29

162,201,543‌

75,622,754

(a)

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

81,104,152‌

73,387,068

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

67,965,983‌

51,211,829

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.000

10/15/29

50,351,374‌

171,229,292

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

155,507,936‌

128,674,567

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

115,972,987‌

106,221,132

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

94,267,076‌

141,842,241

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

124,850,141‌

Inflation

Linked

Bond

4

See

Notes

to

Financial

Statements

Portfolio

of

Investments

December

31,

2024

(continued)

Investments

in

Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S.

TREASURY

SECURITIES

(continued)

$

6,154,955

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

%

01/15/32

$

5,334,910‌

45,734,656

(a)

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

49,497,080‌

74,581,360

(a)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

66,650,471‌

117,889,400

(a),(b)

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

108,424,059‌

93,227,901

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.375

07/15/33

87,208,241‌

124,252,480

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/34

119,118,225‌

143,349,300

(a)

United

States

Treasury

Inflation

Indexed

Bonds

1

.875

07/15/34

138,904,782‌

TOTAL

U.S.

TREASURY

SECURITIES

2,841,847,612‌

TOTAL

GOVERNMENT

BONDS

(Cost

$3,031,393,100)

2,899,924,294‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$3,039,381,505)

2,906,936,922‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

0.1%

REPURCHASE

AGREEMENT

-

0.1%

3,559,000

(c)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

3,559,000‌

TOTAL

REPURCHASE

AGREEMENT

3,559,000‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,559,000)

3,559,000‌

TOTAL

INVESTMENTS

-

99.8%

(Cost

$3,042,940,505)

2,910,495,922‌

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

6,104,502‌

NET

ASSETS

-

100.0%

$

2,916,600,424‌

(a)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(b)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$3,559,882

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$3,630,242.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

2-Year

Note

382‌

03/31/25

 $

78,494,811‌

$

78,542,782‌

$

47,971‌

Portfolio

of

Investments

December

31,

2024

Real

Estate

Securities

Select

5

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

-

98.2%

COMMON

STOCKS

-

98.2%

ASSET

MANAGEMENT

&

CUSTODY

BANKS

-

1.3%

400,000

iShares

Dow

Jones

US

Real

Estate

Index

Fund

$

37,224,000‌

TOTAL

ASSET

MANAGEMENT

&

CUSTODY

BANKS

37,224,000‌

DATA

CENTER

REITS

-

13.5%

925,000

Digital

Realty

Trust,

Inc

164,030,250‌

224,000

Equinix,

Inc

211,207,360‌

TOTAL

DATA

CENTER

REITS

375,237,610‌

HEALTH

CARE

REITS

-

12.0%

675,000

American

Healthcare

REIT,

Inc

19,183,500‌

1,850,000

Healthpeak

Properties,

Inc

37,499,500‌

1,300,000

Sabra

Health

Care

REIT,

Inc

22,516,000‌

1,300,000

Ventas,

Inc

76,557,000‌

1,425,000

Welltower,

Inc

179,592,750‌

TOTAL

HEALTH

CARE

REITS

335,348,750‌

HOTEL

&

RESORT

REITS

-

1.6%

2,500,000

Host

Hotels

&

Resorts

Inc

43,800,000‌

TOTAL

HOTEL

&

RESORT

REITS

43,800,000‌

INDUSTRIAL

REITS

-

11.2%

200,000

EastGroup

Properties,

Inc

32,098,000‌

2,200,000

Prologis,

Inc

232,540,000‌

800,000

Terreno

Realty

Corp

47,312,000‌

TOTAL

INDUSTRIAL

REITS

311,950,000‌

MULTI-FAMILY

RESIDENTIAL

REITS

-

8.9%

550,000

AvalonBay

Communities,

Inc

120,983,500‌

100,000

Camden

Property

Trust

11,604,000‌

625,000

Equity

Residential

44,850,000‌

75,000

Essex

Property

Trust,

Inc

21,408,000‌

325,000

Mid-America

Apartment

Communities,

Inc

50,235,250‌

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

249,080,750‌

OFFICE

REITS

-

4.3%

375,000

Boston

Properties,

Inc

27,885,000‌

925,000

SL

Green

Realty

Corp

62,826,000‌

675,000

Vornado

Realty

Trust

28,377,000‌

TOTAL

OFFICE

REITS

119,088,000‌

OTHER

SPECIALIZED

REITS

-

8.9%

1,000,000

Gaming

and

Leisure

Properties,

Inc

48,160,000‌

925,000

Iron

Mountain,

Inc

97,226,750‌

3,500,000

VICI

Properties,

Inc

102,235,000‌

TOTAL

OTHER

SPECIALIZED

REITS

247,621,750‌

RETAIL

REITS

-

19.0%

400,000

Agree

Realty

Corp

28,180,000‌

1,750,000

Brixmor

Property

Group,

Inc

48,720,000‌

800,000

Curbline

Properties

Corp

18,576,000‌

175,000

Federal

Realty

Investment

Trust

19,591,250‌

3,300,000

Kimco

Realty

Corp

77,319,000‌

1,500,000

Kite

Realty

Group

Trust

37,860,000‌

725,000

Realty

Income

Corp

38,722,250‌

625,000

Regency

Centers

Corp

46,206,250‌

1,125,000

Simon

Property

Group,

Inc

193,736,250‌

600,000

Tanger

Factory

Outlet

Centers,

Inc

20,478,000‌

TOTAL

RETAIL

REITS

529,389,000‌

SELF

STORAGE

REITS

-

5.4%

525,000

Extra

Space

Storage,

Inc

78,540,000‌

235,000

Public

Storage,

Inc

70,368,400‌

TOTAL

SELF

STORAGE

REITS

148,908,400‌

SINGLE-FAMILY

RESIDENTIAL

REITS

-

4.8%

900,000

American

Homes

4

Rent

33,678,000‌

625,000

Equity

Lifestyle

Properties,

Inc

41,625,000‌

Real

Estate

Securities

Select

6

See

Notes

to

Financial

Statements

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

SINGLE-FAMILY

RESIDENTIAL

REITS

(continued)

450,000

Invitation

Homes,

Inc

$

14,386,500‌

350,000

Sun

Communities,

Inc

43,039,500‌

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

132,729,000‌

TELECOM

TOWER

REITS

-

7.3%

800,000

American

Tower

Corp

146,728,000‌

500,000

Crown

Castle,

Inc

45,380,000‌

55,000

SBA

Communications

Corp

11,209,000‌

TOTAL

TELECOM

TOWER

REITS

203,317,000‌

TOTAL

COMMON

STOCKS

(Cost

$1,808,079,692)

2,733,694,260‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,808,079,692)

2,733,694,260‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

1.5%

GOVERNMENT

AGENCY

DEBT

-

0.6%

$

10,000,000

Federal

Home

Loan

Bank

Discount

Notes

0.000

%

01/07/25

9,991,814‌

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0.000

03/21/25

4,953,333‌

2,500,000

Tennessee

Valley

Authority

Discount

Notes

0.000

01/08/25

2,497,661‌

TOTAL

GOVERNMENT

AGENCY

DEBT

17,442,808‌

REPURCHASE

AGREEMENT

-

0.5%

15,441,000

(a)

Fixed

Income

Clearing

Corporation

4.460

01/02/25

15,441,000‌

TOTAL

REPURCHASE

AGREEMENT

15,441,000‌

TREASURY

DEBT

-

0.4%

10,000,000

United

States

Treasury

Bill

0.000

01/02/25

10,000,000‌

TOTAL

TREASURY

DEBT

10,000,000‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$42,883,689)

42,883,808‌

TOTAL

INVESTMENTS

-

99.7%

(Cost

$1,850,963,381)

2,776,578,068‌

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.3%

8,102,079‌

NET

ASSETS

-

100.0%

$

2,784,680,147‌

REIT

Real

Estate

Investment

Trust

(a)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$15,444,826

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$15,749,902.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

7

December

31,

2024

7.1

Inflation

Linked

Bond

7.2

Real

Estate

Securities

Select

ASSETS

Long-term

investments,

at

value

†

$

2,906,936,922‌

$

2,733,694,260‌

Short-term

investments,

at

value

#

3,559,000‌

42,883,808‌

Cash

97,041‌

239,321‌

Receivables:

Dividends

–‌

9,967,825‌

Interest

11,337,187‌

1,913‌

Reimbursement

from

Adviser

465,184‌

56,216‌

Shares

sold

1,350,912‌

752,073‌

Other

682,886‌

639,516‌

Total

assets

2,924,429,132‌

2,788,234,932‌

LIABILITIES

Due

to

affiliates

8,234‌

5,751‌

Payables:

Management

fees

596,634‌

1,148,972‌

Shares

redeemed

6,326,466‌

1,237,280‌

Service

agreement

fees

68,954‌

130,369‌

Variation

margin

on

futures

contracts

5,968‌

–‌

Accrued

expenses:

Custodian

fees

9,820‌

8,059‌

Professional

fees

42,858‌

43,282‌

Shareholder

reporting

expenses

15,881‌

261,127‌

Trustees

fees

684,407‌

617,754‌

12b-1

distribution

and

service

fees

23,487‌

71,153‌

Other

45,999‌

31,038‌

Total

liabilities

7,828,708‌

3,554,785‌

Net

assets

$

2,916,600,424‌

$

2,784,680,147‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

3,115,217,646‌

$

2,021,402,996‌

Total

distributable

earnings

(loss)

(198,617,222‌)

763,277,151‌

Net

assets

$

2,916,600,424‌

$

2,784,680,147‌

†

Long-term

investments,

cost

$

3,039,381,505‌

$

1,808,079,692‌

#

Short-term

investments,

cost

3,559,000‌

42,883,689‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

8

December

31,

2024

7.1

Inflation

Linked

Bond

7.2

Real

Estate

Securities

Select

CLASS

A:

Net

assets

$

106,240,358‌

$

314,029,541‌

Shares

outstanding

10,485,229‌

17,619,452‌

Net

asset

value

("NAV")

per

share

$

10.13‌

$

17.82‌

Maximum

sales

charge

3.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

10.52‌

$

18.91‌

CLASS

I:

Net

assets

$

55,410,420‌

$

38,547,857‌

Shares

outstanding

5,292,797‌

2,140,718‌

NAV

and

offering

price

per

share

$

10.47‌

$

18.01‌

PREMIER

CLASS:

Net

assets

$

931,920‌

$

17,287,567‌

Shares

outstanding

89,224‌

959,484‌

NAV

and

offering

price

per

share

$

10.44‌

$

18.02‌

CLASS

R6:

Net

assets

$

476,308,091‌

$

1,980,850,269‌

Shares

outstanding

45,502,046‌

110,090,608‌

NAV

and

offering

price

per

share

$

10.47‌

$

17.99‌

RETIREMENT

CLASS:

Net

assets

$

108,658,078‌

$

433,964,913‌

Shares

outstanding

10,282,794‌

22,891,910‌

NAV

and

offering

price

per

share

$

10.57‌

$

18.96‌

CLASS

W:

Net

assets

$

2,169,051,557‌

$

–‌

Shares

outstanding

207,244,184‌

–‌

NAV

and

offering

price

per

share

$

10.47‌

$

–‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Par

value

per

share

$

0.0001‌

$

0.0001‌

9

Statement

of

Operations

See

Notes

to

Financial

Statements

Inflation

Linked

Bond

Real

Estate

Securities

Select

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

INVESTMENT

INCOME

Affiliated

income

$

–‌

$

–‌

$

268,094‌

$

–‌

Dividends

–‌

–‌

66,025,881‌

94,546,649‌

Interest

88,501,939‌

100,756,159‌

1,161,192‌

1,055,974‌

Securities

lending

income,

net

129‌

4,108‌

–‌

–‌

Other

–‌

–‌

–‌

327,181‌

Total

investment

income

88,502,068‌

100,760,267‌

67,455,167‌

95,929,804‌

EXPENSES

Management

fees

5,274,605‌

6,827,603‌

10,236,142‌

13,622,336‌

12b-1

distribution

and

service

fees

—

Class

A

216,882‌

308,360‌

605,971‌

832,010‌

12b-1

distribution

and

service

fees

—

Premier

Class

1,065‌

2,645‌

23,590‌

43,650‌

Shareholder

servicing

agent

fees

—

Class

A

38,911‌

72,627‌

74,698‌

137,314‌

Shareholder

servicing

agent

fees

—

Class

I

63,868‌

84,509‌

39,425‌

87,991‌

Shareholder

servicing

agent

fees

—

Premier

Class

86‌

69‌

319‌

370‌

Shareholder

servicing

agent

fees

—

Class

R6

2,409‌

1,634‌

18,579‌

14,004‌

Shareholder

servicing

agent

fees

—

Retirement

Class

217,302‌

324,698‌

882,075‌

1,250,785‌

Shareholder

servicing

agent

fees

—

Class

W

2,979‌

1,489‌

–‌

–‌

Administrative

service

fees

58,828‌

95,226‌

52,543‌

84,920‌

Trustees

fees

45,661‌

48,525‌

45,106‌

49,838‌

Custodian

expenses

22,261‌

28,114‌

18,636‌

21,812‌

Overdraft

expense

3,363‌

11,048‌

18,694‌

61,054‌

Professional

fees

43,860‌

53,860‌

43,875‌

54,288‌

Registration

fees

93,223‌

68,424‌

89,397‌

91,111‌

Shareholder

reporting

expenses

44,290‌

63,386‌

368,271‌

291,193‌

Other

44,866‌

71,168‌

31,261‌

52,097‌

Total

expenses

6,174,459‌

8,063,385‌

12,548,582‌

16,694,773‌

Expenses

reimbursed

by

the

investment

adviser

(4,053,555‌)

(4,502,288‌)

–‌

–‌

Fee

waiver

by

investment

adviser

and

Nuveen

Securities

(48,809‌)

(567,618‌)

(45,374‌)

(615,053‌)

Net

expenses

2,072,095‌

2,993,479‌

12,503,208‌

16,079,720‌

Net

investment

income

(loss)

86,429,973‌

97,766,788‌

54,951,959‌

79,850,084‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(21,179,397‌)

(28,923,577‌)

120,233,926‌

(85,772,581‌)

Futures

contracts

220,656‌

(2,542,311‌)

–‌

–‌

Foreign

currency

transactions

1,320‌

1,052‌

4,070‌

6,822‌

Net

realized

gain

(loss)

(20,957,421‌)

(31,464,836‌)

120,237,996‌

(85,765,759‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

17,833,555‌

(13,708,398‌)

12,287,849‌

234,176,714‌

Futures

contracts

(156,369‌)

204,340‌

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

17,677,186‌

(13,504,058‌)

12,287,849‌

234,176,714‌

Net

realized

and

unrealized

gain

(loss)

(3,280,235‌)

(44,968,894‌)

132,525,845‌

148,410,955‌

Net

increase

(decrease)

in

net

assets

from

operations

$

83,149,738‌

$

52,797,894‌

$

187,477,804‌

$

228,261,039‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

10

7.1

Inflation

Linked

Bond

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Year

Ended

3/31/23

OPERATIONS

Net

investment

income

(loss)

$

86,429,973‌

$

97,766,788‌

$

175,090,224‌

Net

realized

gain

(loss)

(

20,957,421‌

)

(

31,464,836‌

)

(

6,694,838‌

)

Net

change

in

unrealized

appreciation

(depreciation)

17,677,186‌

(

13,504,058‌

)

(

264,073,468‌

)

Net

increase

(decrease)

in

net

assets

from

operations

83,149,738‌

52,797,894‌

(

95,678,082‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

–‌

–‌

–‌

Dividends:

Class

A

(

3,320,733‌

)

(

4,320,896‌

)

(

9,349,984‌

)

Class

I

(

1,969,518‌

)

(

2,907,314‌

)

(

9,125,884‌

)

Premier

Class

(

27,097‌

)

(

66,748‌

)

(

174,643‌

)

Class

R6

(

14,209,448‌

)

(

21,921,451‌

)

(

41,697,205‌

)

Retirement

Class

(

3,208,480‌

)

(

4,434,311‌

)

(

10,247,412‌

)

Class

W

(

68,443,428‌

)

(

77,573,048‌

)

(

125,462,798‌

)

Return

of

Capital

Class

A

–‌

–‌

–‌

Class

I

–‌

–‌

–‌

Premier

Class

–‌

–‌

–‌

Class

R6

–‌

–‌

–‌

Retirement

Class

–‌

–‌

–‌

Total

distributions

(

91,178,704‌

)

(

111,223,768‌

)

(

196,057,926‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

387,254,711‌

635,455,050‌

550,990,285‌

Reinvestments

of

distributions

21,641,841‌

31,518,048‌

77,248,265‌

Redemptions

(

465,026,837‌

)

(

477,969,028‌

)

(

754,078,673‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

56,130,285‌

)

189,004,070‌

(

125,840,123‌

)

Net

increase

(decrease)

in

net

assets

(

64,159,251‌

)

130,578,196‌

(

417,576,131‌

)

Net

assets

at

the

beginning

of

period

2,980,759,675‌

2,850,181,479‌

3,267,757,610‌

Net

assets

at

the

end

of

period

$

2,916,600,424‌

$

2,980,759,675‌

$

2,850,181,479‌

See

Notes

to

Financial

Statements

11

7.2

Real

Estate

Securities

Select

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Year

Ended

3/31/23

$

54,951,959‌

$

79,850,084‌

$

84,117,270‌

120,237,997‌

(

85,765,759‌

)

(

166,915,159‌

)

12,287,848‌

234,176,714‌

(

885,171,959‌

)

187,477,804‌

228,261,039‌

(

967,969,848‌

)

–‌

–‌

–‌

(

6,587,088‌

)

(

8,852,193‌

)

(

19,605,768‌

)

(

903,465‌

)

(

1,978,172‌

)

(

6,316,984‌

)

(

391,896‌

)

(

811,525‌

)

(

1,781,177‌

)

(

45,505,200‌

)

(

57,964,117‌

)

(

110,580,256‌

)

(

8,933,963‌

)

(

12,796,393‌

)

(

24,242,069‌

)

–‌

–‌

–‌

(

341,068‌

)

–‌

–‌

(

45,400‌

)

–‌

–‌

(

22,057‌

)

–‌

–‌

(

2,135,663‌

)

–‌

–‌

(

466,635‌

)

–‌

–‌

(

65,332,435‌

)

(

82,402,400‌

)

(

162,526,254‌

)

170,326,728‌

279,574,542‌

505,241,401‌

64,698,905‌

81,589,451‌

160,776,955‌

(

511,242,411‌

)

(

610,424,661‌

)

(

834,665,580‌

)

(

276,216,778‌

)

(

249,260,668‌

)

(

168,647,224‌

)

(

154,071,409‌

)

(

103,402,029‌

)

(

1,299,143,326‌

)

2,938,751,556‌

3,042,153,585‌

4,341,296,911‌

$

2,784,680,147‌

$

2,938,751,556‌

$

3,042,153,585‌

Financial

Highlights

See

Notes

to

Financial

Statements

12

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

7.1

Inflation

Linked

Bond

Class

A:

12/31/24

(d)

$

10

.16‌

$

0

.27‌

$

—‌

$

0

.27‌

$

(

0

.30‌

)

$

—‌

$

(

0

.30‌

)

$

10

.13‌

3/31/24

10

.38‌

0

.31‌

(

0

.17‌

)

0

.14‌

(

0

.36‌

)

—‌

(

0

.36‌

)

10

.16‌

3/31/23

11

.51‌

0

.62‌

(

1

.02‌

)

(

0

.40‌

)

(

0

.65‌

)

(

0

.08‌

)

(

0

.73‌

)

10

.38‌

3/31/22

11

.92‌

0

.70‌

(

0

.28‌

)

0

.42‌

(

0

.70‌

)

(

0

.13‌

)

(

0

.83‌

)

11

.51‌

3/31/21

11

.25‌

0

.13‌

0

.67‌

0

.80‌

(

0

.13‌

)

—‌

(

0

.13‌

)

11

.92‌

3/31/20

10

.99‌

0

.23‌

0

.23‌

0

.46‌

(

0

.20‌

)

—‌

(

0

.20‌

)

11

.25‌

Class

I:

12/31/24

(d)

10

.49‌

0

.30‌

(

0

.01‌

)

0

.29‌

(

0

.31‌

)

—‌

(

0

.31‌

)

10

.47‌

3/31/24

10

.71‌

0

.36‌

(

0

.20‌

)

0

.16‌

(

0

.38‌

)

—‌

(

0

.38‌

)

10

.49‌

3/31/23

11

.84‌

0

.69‌

(

1

.07‌

)

(

0

.38‌

)

(

0

.67‌

)

(

0

.08‌

)

(

0

.75‌

)

10

.71‌

3/31/22

12

.24‌

0

.74‌

(

0

.29‌

)

0

.45‌

(

0

.72‌

)

(

0

.13‌

)

(

0

.85‌

)

11

.84‌

3/31/21

11

.55‌

0

.16‌

0

.69‌

0

.85‌

(

0

.16‌

)

—‌

(

0

.16‌

)

12

.24‌

3/31/20

11

.29‌

0

.21‌

0

.28‌

0

.49‌

(

0

.23‌

)

—‌

(

0

.23‌

)

11

.55‌

Premier

Class:

12/31/24

(d)

10

.47‌

0

.29‌

(

0

.01‌

)

0

.28‌

(

0

.31‌

)

—‌

(

0

.31‌

)

10

.44‌

3/31/24

10

.68‌

0

.39‌

(

0

.23‌

)

0

.16‌

(

0

.37‌

)

—‌

(

0

.37‌

)

10

.47‌

3/31/23

11

.82‌

0

.64‌

(

1

.04‌

)

(

0

.40‌

)

(

0

.66‌

)

(

0

.08‌

)

(

0

.74‌

)

10

.68‌

3/31/22

12

.22‌

0

.78‌

(

0

.34‌

)

0

.44‌

(

0

.71‌

)

(

0

.13‌

)

(

0

.84‌

)

11

.82‌

3/31/21

11

.52‌

0

.16‌

0

.69‌

0

.85‌

(

0

.15‌

)

—‌

(

0

.15‌

)

12

.22‌

3/31/20

11

.26‌

0

.28‌

0

.20‌

0

.48‌

(

0

.22‌

)

—‌

(

0

.22‌

)

11

.52‌

Class

R6:

12/31/24

(d)

10

.49‌

0

.31‌

(

0

.01‌

)

0

.30‌

(

0

.32‌

)

—‌

(

0

.32‌

)

10

.47‌

3/31/24

10

.71‌

0

.35‌

(

0

.17‌

)

0

.18‌

(

0

.40‌

)

—‌

(

0

.40‌

)

10

.49‌

3/31/23

11

.84‌

0

.69‌

(

1

.06‌

)

(

0

.37‌

)

(

0

.68‌

)

(

0

.08‌

)

(

0

.76‌

)

10

.71‌

3/31/22

12

.24‌

0

.74‌

(

0

.28‌

)

0

.46‌

(

0

.73‌

)

(

0

.13‌

)

(

0

.86‌

)

11

.84‌

3/31/21

11

.54‌

0

.16‌

0

.71‌

0

.87‌

(

0

.17‌

)

—‌

(

0

.17‌

)

12

.24‌

3/31/20

11

.29‌

0

.29‌

0

.20‌

0

.49‌

(

0

.24‌

)

—‌

(

0

.24‌

)

11

.54‌

Retirement

Class:

12/31/24

(d)

10

.59‌

0

.29‌

(

0

.01‌

)

0

.28‌

(

0

.30‌

)

—‌

(

0

.30‌

)

10

.57‌

3/31/24

10

.79‌

0

.33‌

(

0

.17‌

)

0

.16‌

(

0

.36‌

)

—‌

(

0

.36‌

)

10

.59‌

3/31/23

11

.94‌

0

.65‌

(

1

.06‌

)

(

0

.41‌

)

(

0

.66‌

)

(

0

.08‌

)

(

0

.74‌

)

10

.79‌

3/31/22

12

.34‌

0

.73‌

(

0

.30‌

)

0

.43‌

(

0

.70‌

)

(

0

.13‌

)

(

0

.83‌

)

11

.94‌

3/31/21

11

.63‌

0

.14‌

0

.71‌

0

.85‌

(

0

.14‌

)

—‌

(

0

.14‌

)

12

.34‌

3/31/20

11

.36‌

0

.28‌

0

.19‌

0

.47‌

(

0

.20‌

)

—‌

(

0

.20‌

)

11

.63‌

Class

W:

12/31/24

(d)

10

.49‌

0

.32‌

—‌

0

.32‌

(

0

.34‌

)

—‌

(

0

.34‌

)

10

.47‌

3/31/24

10

.71‌

0

.37‌

(

0

.16‌

)

0

.21‌

(

0

.43‌

)

—‌

(

0

.43‌

)

10

.49‌

3/31/23

11

.84‌

0

.67‌

(

1

.02‌

)

(

0

.35‌

)

(

0

.70‌

)

(

0

.08‌

)

(

0

.78‌

)

10

.71‌

3/31/22

12

.24‌

0

.78‌

(

0

.29‌

)

0

.49‌

(

0

.76‌

)

(

0

.13‌

)

(

0

.89‌

)

11

.84‌

3/31/21

11

.54‌

0

.21‌

0

.68‌

0

.89‌

(

0

.19‌

)

—‌

(

0

.19‌

)

12

.24‌

3/31/20

11

.29‌

0

.31‌

0

.21‌

0

.52‌

(

0

.27‌

)

—‌

(

0

.27‌

)

11

.54‌

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.

(c)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements,

when

applicable.

(d)

For

the

nine

months

ended

December

31,

2024.

Prior

to

April

1,

2024,

the

Fund's

fiscal

year

end

was

March

31st.

(e)

Annualized.

(f)

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

13

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

2

.63‌

%

$

106,240‌

0

.55‌

%

(e)

0

.55‌

%

(e)

3

.50‌

%

(e)

30‌

%

1

.40‌

119,139‌

0

.56‌

0

.54‌

3

.05‌

30‌

(

3

.34‌

)

131,097‌

0

.56‌

0

.54‌

5

.77‌

19‌

3

.48‌

157,227‌

0

.57‌

0

.52‌

5

.81‌

21‌

(f)

7

.12‌

150,264‌

0

.56‌

0

.54‌

1

.13‌

27‌

4

.07‌

149,027‌

0

.57‌

0

.55‌

2

.06‌

26‌

2

.77‌

55,410‌

0

.39‌

(e)

0

.38‌

(e)

3

.72‌

(e)

30‌

1

.60‌

67,636‌

0

.36‌

0

.34‌

3

.39‌

30‌

(

3

.09‌

)

93,832‌

0

.35‌

0

.33‌

6

.27‌

19‌

3

.58‌

159,518‌

0

.35‌

0

.33‌

6

.00‌

21‌

(f)

7

.43‌

123,505‌

0

.34‌

0

.32‌

1

.31‌

27‌

4

.38‌

141,821‌

0

.34‌

0

.32‌

1

.79‌

26‌

2

.65‌

932‌

0

.42‌

(e)

0

.42‌

(e)

3

.62‌

(e)

30‌

1

.62‌

948‌

0

.41‌

0

.39‌

3

.68‌

30‌

(

3

.22‌

)

2,422‌

0

.40‌

0

.38‌

5

.85‌

19‌

3

.61‌

2,627‌

0

.40‌

0

.38‌

6

.25‌

21‌

(f)

7

.38‌

8,211‌

0

.40‌

0

.38‌

1

.34‌

27‌

4

.26‌

3,068‌

0

.41‌

0

.39‌

2

.42‌

26‌

2

.87‌

476,308‌

0

.26‌

(e)

0

.25‌

(e)

3

.88‌

(e)

30‌

1

.74‌

565,535‌

0

.26‌

0

.24‌

3

.35‌

30‌

(

3

.01‌

)

603,640‌

0

.25‌

0

.23‌

6

.20‌

19‌

3

.76‌

866,667‌

0

.25‌

0

.23‌

6

.00‌

21‌

(f)

7

.53‌

1,209,995‌

0

.25‌

0

.23‌

1

.31‌

27‌

4

.36‌

1,692,282‌

0

.26‌

0

.24‌

2

.56‌

26‌

2

.65‌

108,658‌

0

.51‌

(e)

0

.50‌

(e)

3

.57‌

(e)

30‌

1

.58‌

120,533‌

0

.51‌

0

.49‌

3

.14‌

30‌

(

3

.35‌

)

143,144‌

0

.50‌

0

.48‌

5

.83‌

19‌

3

.47‌

172,924‌

0

.50‌

0

.48‌

5

.86‌

21‌

(f)

7

.29‌

178,970‌

0

.50‌

0

.48‌

1

.17‌

27‌

4

.18‌

188,609‌

0

.51‌

0

.49‌

2

.37‌

26‌

3

.06‌

2,169,052‌

0

.26‌

(e)

0.00‌

(e)

3

.99‌

(e)

30‌

2

.03‌

2,106,969‌

0

.26‌

0.00‌

3

.52‌

30‌

(

2

.84‌

)

1,876,046‌

0

.25‌

0.00‌

6

.14‌

19‌

4

.00‌

1,908,794‌

0

.25‌

0.00‌

6

.31‌

21‌

(f)

7

.77‌

1,746,530‌

0

.25‌

0.00‌

1

.71‌

27‌

4

.67‌

1,252,667‌

0

.26‌

0.00‌

2

.70‌

26‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

14

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

7.2

Real

Estate

Securities

Select

Class

A:

12/31/24

(d)

$

17

.09‌

$

0

.31‌

$

0

.80‌

$

1

.11‌

$

(

0

.36‌

)

$

—‌

$

(

0

.02‌

)

$

(

0

.38‌

)

$

17

.82‌

3/31/24

16

.25‌

0

.41‌

0

.87‌

1

.28‌

(

0

.44‌

)

—‌

—‌

(

0

.44‌

)

17

.09‌

3/31/23

22

.14‌

0

.41‌

(

5

.44‌

)

(

5

.03‌

)

(

0

.38‌

)

(

0

.48‌

)

—‌

(

0

.86‌

)

16

.25‌

3/31/22

18

.82‌

0

.23‌

3

.75‌

3

.98‌

(

0

.26‌

)

(

0

.40‌

)

—‌

(

0

.66‌

)

22

.14‌

3/31/21

14

.09‌

0

.25‌

4

.73‌

4

.98‌

(

0

.25‌

)

—‌

—‌

(

0

.25‌

)

18

.82‌

3/31/20

16

.74‌

0

.29‌

(

1

.86‌

)

(

1

.57‌

)

(

0

.28‌

)

(

0

.80‌

)

—‌

(

1

.08‌

)

14

.09‌

Class

I:

12/31/24

(d)

17

.26‌

0

.33‌

0

.83‌

1

.16‌

(

0

.39‌

)

—‌

(

0

.02‌

)

(

0

.41‌

)

18

.01‌

3/31/24

16

.41‌

0

.44‌

0

.88‌

1

.32‌

(

0

.47‌

)

—‌

—‌

(

0

.47‌

)

17

.26‌

3/31/23

22

.35‌

0

.44‌

(

5

.49‌

)

(

5

.05‌

)

(

0

.41‌

)

(

0

.48‌

)

—‌

(

0

.89‌

)

16

.41‌

3/31/22

18

.99‌

0

.26‌

3

.79‌

4

.05‌

(

0

.29‌

)

(

0

.40‌

)

—‌

(

0

.69‌

)

22

.35‌

3/31/21

14

.22‌

0

.26‌

4

.79‌

5

.05‌

(

0

.28‌

)

—‌

—‌

(

0

.28‌

)

18

.99‌

3/31/20

16

.89‌

0

.32‌

(

1

.88‌

)

(

1

.56‌

)

(

0

.31‌

)

(

0

.80‌

)

—‌

(

1

.11‌

)

14

.22‌

Premier

Class:

12/31/24

(d)

17

.27‌

0

.31‌

0

.84‌

1

.15‌

(

0

.38‌

)

—‌

(

0

.02‌

)

(

0

.40‌

)

18

.02‌

3/31/24

16

.42‌

0

.44‌

0

.87‌

1

.31‌

(

0

.46‌

)

—‌

—‌

(

0

.46‌

)

17

.27‌

3/31/23

22

.36‌

0

.44‌

(

5

.50‌

)

(

5

.06‌

)

(

0

.40‌

)

(

0

.48‌

)

—‌

(

0

.88‌

)

16

.42‌

3/31/22

19

.00‌

0

.28‌

3

.76‌

4

.04‌

(

0

.28‌

)

(

0

.40‌

)

—‌

(

0

.68‌

)

22

.36‌

3/31/21

14

.22‌

0

.27‌

4

.79‌

5

.06‌

(

0

.28‌

)

—‌

—‌

(

0

.28‌

)

19

.00‌

3/31/20

16

.89‌

0

.32‌

(

1

.88‌

)

(

1

.56‌

)

(

0

.31‌

)

(

0

.80‌

)

—‌

(

1

.11‌

)

14

.22‌

Class

R6:

12/31/24

(d)

17

.25‌

0

.35‌

0

.81‌

1

.16‌

(

0

.40‌

)

—‌

(

0

.02‌

)

(

0

.42‌

)

17

.99‌

3/31/24

16

.40‌

0

.47‌

0

.87‌

1

.34‌

(

0

.49‌

)

—‌

—‌

(

0

.49‌

)

17

.25‌

3/31/23

22

.34‌

0

.46‌

(

5

.49‌

)

(

5

.03‌

)

(

0

.43‌

)

(

0

.48‌

)

—‌

(

0

.91‌

)

16

.40‌

3/31/22

18

.98‌

0

.30‌

3

.77‌

4

.07‌

(

0

.31‌

)

(

0

.40‌

)

—‌

(

0

.71‌

)

22

.34‌

3/31/21

14

.21‌

0

.30‌

4

.77‌

5

.07‌

(

0

.30‌

)

—‌

—‌

(

0

.30‌

)

18

.98‌

3/31/20

16

.88‌

0

.35‌

(

1

.89‌

)

(

1

.54‌

)

(

0

.33‌

)

(

0

.80‌

)

—‌

(

1

.13‌

)

14

.21‌

Retirement

Class:

12/31/24

(d)

18

.15‌

0

.33‌

0

.87‌

1

.20‌

(

0

.37‌

)

—‌

(

0

.02‌

)

(

0

.39‌

)

18

.96‌

3/31/24

17

.23‌

0

.45‌

0

.92‌

1

.37‌

(

0

.45‌

)

—‌

—‌

(

0

.45‌

)

18

.15‌

3/31/23

23

.41‌

0

.44‌

(

5

.76‌

)

(

5

.32‌

)

(

0

.38‌

)

(

0

.48‌

)

—‌

(

0

.86‌

)

17

.23‌

3/31/22

19

.86‌

0

.25‌

3

.95‌

4

.20‌

(

0

.25‌

)

(

0

.40‌

)

—‌

(

0

.65‌

)

23

.41‌

3/31/21

14

.86‌

0

.27‌

4

.99‌

5

.26‌

(

0

.26‌

)

—‌

—‌

(

0

.26‌

)

19

.86‌

3/31/20

17

.60‌

0

.32‌

(

1

.97‌

)

(

1

.65‌

)

(

0

.29‌

)

(

0

.80‌

)

—‌

(

1

.09‌

)

14

.86‌

(a)

Based

on

average

shares

outstanding.

(b)

Total

returns

are

at

NAV

and

do

not

include

any

sales

charge.

Total

returns

are

not

annualized.

(c)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements,

when

applicable.

(d)

For

the

nine

months

ended

December

31,

2024.

Prior

to

April

1,

2024,

the

Fund's

fiscal

year

end

was

March

31st.

(e)

Annualized.

(f)

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

15

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

(c)

Portfolio

Turnover

Rate

6

.52‌

%

$

314,030‌

0

.78‌

%

(e)

0

.78‌

%

(e)

2

.33‌

%

(e)

21‌

%

8

.07‌

326,548‌

0

.79‌

0

.77‌

2

.54‌

7‌

(

22

.73‌

)

369,354‌

0

.77‌

0

.73‌

2

.28‌

25‌

21

.13‌

532,018‌

0

.75‌

0

.72‌

1

.09‌

25‌

(f)

35

.57‌

367,908‌

0

.79‌

0

.76‌

1

.48‌

45‌

(

10

.41‌

)

263,960‌

0

.79‌

0

.79‌

1

.66‌

39‌

6

.69‌

38,548‌

0

.62‌

(e)

0

.62‌

(e)

2

.45‌

(e)

21‌

8

.23‌

50,394‌

0

.61‌

0

.58‌

2

.69‌

7‌

(

22

.60‌

)

107,731‌

0

.60‌

0

.57‌

2

.45‌

25‌

21

.32‌

153,657‌

0

.59‌

0

.59‌

1

.19‌

25‌

(f)

35

.76‌

71,403‌

0

.62‌

0

.59‌

1

.55‌

45‌

(

10

.27‌

)

21,689‌

0

.62‌

0

.62‌

1

.79‌

39‌

6

.65‌

17,288‌

0

.65‌

(e)

0

.65‌

(e)

2

.28‌

(e)

21‌

8

.20‌

26,551‌

0

.65‌

0

.62‌

2

.66‌

7‌

(

22

.62‌

)

34,765‌

0

.63‌

0

.60‌

2

.42‌

25‌

21

.25‌

45,328‌

0

.62‌

0

.62‌

1

.27‌

25‌

(f)

35

.78‌

48,255‌

0

.64‌

0

.62‌

1

.62‌

45‌

(

10

.31‌

)

44,026‌

0

.65‌

0

.65‌

1

.80‌

39‌

6

.74‌

1,980,850‌

0

.50‌

(e)

0

.50‌

(e)

2

.61‌

(e)

21‌

8

.38‌

2,043,858‌

0

.50‌

0

.48‌

2

.84‌

7‌

(

22

.52‌

)

2,026,404‌

0

.48‌

0

.45‌

2

.55‌

25‌

21

.46‌

2,935,178‌

0

.47‌

0

.47‌

1

.37‌

25‌

(f)

35

.94‌

2,272,604‌

0

.49‌

0

.47‌

1

.77‌

45‌

(

10

.16‌

)

1,430,143‌

0

.50‌

0

.50‌

1

.95‌

39‌

6

.59‌

433,965‌

0

.75‌

(e)

0

.75‌

(e)

2

.33‌

(e)

21‌

8

.10‌

491,401‌

0

.75‌

0

.72‌

2

.60‌

7‌

(

22

.72‌

)

503,900‌

0

.73‌

0

.70‌

2

.31‌

25‌

21

.17‌

675,116‌

0

.72‌

0

.72‌

1

.11‌

25‌

(f)

35

.58‌

533,102‌

0

.74‌

0

.72‌

1

.52‌

45‌

(

10

.39‌

)

398,674‌

0

.75‌

0

.75‌

1

.70‌

39‌

16

Notes

to

Financial

Statements

1.

General

Information

Trust

and

Fund

Information:

TIAA-CREF  Funds

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

(“1940

Act”),

as

amended.

The

Trust

is

comprised

of

the

following

(collectively

the

“Funds”

or

individually,

the

“Fund”),

among

others:

Change

in

Fiscal

and

Tax

Year

Ends:

On

February

28,

2024,

each

Fund’s

Board

of

Trustees

(the

"Board")

approved

that

each

Fund’s

fiscal

and

tax

year

ends

(collectively,

“fiscal

year

end”)

be

changed

from

March

31

to

December

31.

As

a

result,

effective

April

1,

2024,

the

funds

began

to

adhere

to

the

fiscal

reporting

period

and

regulatory

filing

schedule

required

by

a

December

31

fiscal

year

end.

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

December

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2024

(the

"current

fiscal

period").

Investment

Advisor:

Teachers

Advisors,

LLC

(the

“Adviser”),

a

wholly

owned

indirect

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

is

registered

with

the

Securities

and

Exchange

Commission

(“SEC”)

as

an

investment

adviser

and

provides

investment

management

services

for

the

Funds.

Share

Classes

and

Sales

Charges:

The

Funds

offer

up

to

six

share

classes,

although

any

one

Fund

may

not

necessarily

offer

all

six

classes.

The

Funds

may

offer

Class

A,

Class

I,

Premier

Class,

Class

R6,

Retirement

Class

and

Class

W

shares.

Each

class

differs

by

the

allocation

of

class-specific

expenses

and

voting

rights

in

matters

affecting

a

single

class.

The

Funds

offer

their

shares,

through

their

principal

underwriter,

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA.

A

sales

charge

is

imposed

on

purchases

of

Class

A

shares

of

the

Funds

of

less

than

certain

amounts,

as

set

forth

in

each

Fund’s

prospectus.

Shareholders

with

an

account

held

directly

with

a

Fund

that

held

Class

A

shares

of

the

Funds

prior

to

May

6,

2024

will

not

be

subject

to

the

sales

charge

on

any

future

purchases

or

redemptions

of

Class

A

shares

of

that

Fund

or

any

other

fund

that

is

a

series

of

the

TIAA-CREF

Funds

or

is

a

Nuveen

Fund

in

their

account.

Such

shareholders

will

be

able

to

purchase

Class

A

shares

at

net

asset

value

(“NAV”).

Class

A

Shares

purchases

of

$250,000

or

more

with

respect

to

Inflation

Linked

Bond

Fund

and

$1,000,000

or

more

for

Real

Estate

Securities

Select

Fund

are

sold

at

NAV

without

an

up-front

sales

charge

buy

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

I,

Premier

Class,

Class

R6,

Retirement

Class

and

Class

W

shares

are

sold

without

an

up-front

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The NAV

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

the

members

of

the Board

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

The

Board

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds. Amounts

deferred

are

retained

by

the

Funds

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Fund

Name

Short

Name

Nuveen

Inflation

Linked

Bond

Fund

Inflation

Linked

Bond

Nuveen

Real

Estate

Securities

Select

Fund

Real

Estate

Securities

Select

1

1

17

The

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

the

Funds’

portfolios.

Distributions

received

from

certain

securities

in

which

the

Funds

invest,

most

notably

real

estate

investment

trust

(“REIT”)

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

calendar

year

for

the

previous

year.

The

distribution

is

included

in

the

Funds’

ordinary

income

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

For

the

current

fiscal

period,

dividend

income,

net

realized

gain

(loss)

and

unrealized

appreciation

(depreciation)

recognized

on

the

Statement

of

Operations

reflect

the

amounts

of

ordinary

income,

capital

gain,

and/or

return

of

capital

as

reported

by

the

issuers

of

such

securities

as

of

the

current

calendar

year

end.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related “Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable. 

Foreign

Taxes:

The Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the Funds

invest.

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“primary

market”

is

considered

the

date

on

which

the

loan

allocations

are

determined.

Trade

date

for

senior

and

subordinated

loans

purchased

in

the

“secondary

market”

is

the

date

on

which

the

transaction

is

entered

into.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest,

paydown

gains

and

losses

and

fee

income,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Fee

income

consists

primarily

of

amendment

fees,

when

applicable.

Amendment

fees

are

earned

as

compensation

for

evaluating

and

accepting

changes

to

an

original

senior

loan

agreement

and

are

recognized

when

received.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

a

Fund

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

service

agreement

fees,

distribution

fees

and

transfer

agency

fees

and

expenses, which

are

unique

to

each

class

of

shares.

Most

expenses

of

the

Trust

can

be

directly

attributed

to

a

Fund.

Expenses

that

cannot

be

directly

attributed

are

allocated

to

each

Fund

in

the

Trust

based

upon

the

average

net

assets

of

each

Fund.

Notes

to

Financial

Statements

(continued)

18

Netting

Agreements:

In

the

ordinary

course

of

business,

the Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the Funds

is

held

in

a

segregated

account

by

the Funds'

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the Funds'

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The Funds'

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Segment

Reporting:

 In

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

in

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

a

public

entity

that

has

a

single

reportable

segment

to

provide

all

the

disclosures

required

by

the

amendments

in

ASU

2023-07

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

in

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

The Funds adopted

ASU

2023-07

during

the

current

reporting

period.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds' financial

positions

or

the

results

of

their

operations.

The

officers

of

the Funds

act

as

the

chief

operating

decision

maker

(“CODM”).

Each Fund

represents

a

single

operating

segment.

The

CODM

monitors

the

operating

results

of

each Fund

as

a

whole

and

is

responsible

for

each Fund's

long-term

strategic

asset

allocation

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the Fund's

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Fund's portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

the

segment’s

performance

versus

the Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the Fund's

single

segment,

is

consistent

with

that

presented

within

the Fund's

financial

statements.

Segment

assets

are

reflected

on

the

Statement

of

Assets

and

Liabilities

as

“total

assets”

and

significant

segment

revenues

and

expenses

are

listed

on

the

Statement

of

Operations.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser and

oversight

of

the Board.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

19

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them:

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements:

Fund

Level

1

Level

2

Level

3

Total

Inflation

Linked

Bond

Long-Term

Investments

:

Corporate

bonds

$—

$7,012,628

$—

$7,012,628

Government

bonds

—

2,899,924,294

—

2,899,924,294

Short-Term

Investments

:

Repurchase

agreement

—

3,559,000

—

3,559,000

Investments

in

Derivatives

:

Futures

contracts*

47,971

—

—

47,971

Total

$47,971

$2,910,495,922

$—

$2,910,543,893

1

1

1

1

1

Real

Estate

Securities

Select

Long-Term

Investments

:

Common

stocks

$2,733,694,260

$—

$—

$2,733,694,260

Short-Term

Investments

:

Government

agency

debt

—

17,442,808

—

17,442,808

Repurchase

agreement

—

15,441,000

—

15,441,000

Treasury

debt

—

10,000,000

—

10,000,000

Total

$2,733,694,260

$42,883,808

$—

$2,776,578,068

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation).

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Inflation

Linked

Bond

Fixed

Income

Clearing

Corporation

$

3,559,000

$

(3,630,242)

Real

Estate

Securities

Select

Fixed

Income

Clearing

Corporation

15,441,000

(15,749,902)

Notes

to

Financial

Statements

(continued)

20

Treasury

Inflation

Protected

Securities:

Inflation

Linked

Bond

may

invest

in

Treasury

Inflation-Protected

Securities,

specially

structured

bonds

in

which

the

principal

amount

is

adjusted

periodically

to

keep

pace

with

inflation,

as

measured

by

the

U.S.

Consumer

Price

Index.

The

adjustments

for

interest

income

due

to

inflation

or

deflation

are

reflected

in

interest

income

in

the

Statement

of

Operations.

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

 Long-term

purchases

and

sales

during

the

current

fiscal

period were

as

follows:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-

delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

If

the

Funds have

outstanding when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each Fund is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

 Certain

Funds

are

subject

to

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

use

futures

contracts

to

manage

exposure

to

fluctuations

in

interest

rates and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

which are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

7.1

Inflation

Linked

Bond

$

–

$

875,896,797

$

725,000

$

963,720,468

7.2

Real

Estate

Securities

Select

615,178,310

–

910,840,702

–

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

7.1

Inflation

Linked

Bond

$

61,839,616

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

21

As

of

the

end

of

the

reporting

period,

the

following

Fund

has

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Funds'

Statement

of

Operations

was

as

follows:

6.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Inflation

Linked

Bond

Futures

contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

$

47,971

-

$

–

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund's

Portfolio

of

Investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Nine

Months

Ended

12/31/24

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

7.1

Inflation

Linked

Bond

Futures

contracts

Interest

rate

$

220,656

$

(156,369)

Year

Ended

3/31/24

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

7.1

Inflation

Linked

Bond

Futures

contracts

Interest

rate

$

(2,542,311)

$

204,340

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Year

Ended

3/31/23

7.1

Inflation

Linked

Bond

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

631,856

$

6,467,549

1,288,477

$

13,059,446

1,574,766

$

16,926,139

Class

I

2,100,605

22,117,944

2,405,516

25,230,979

2,423,106

26,818,257

Premier

Class

7,329

77,287

25,759

270,373

44,609

499,276

Class

R6

3,811,419

40,237,748

6,879,795

72,184,907

5,437,209

59,949,730

Retirement

Class

160,714

1,715,921

297,367

3,105,040

614,903

6,855,538

Class

W

29,975,898

316,638,262

49,776,621

521,604,305

40,423,132

439,941,345

Total

subscriptions

36,687,821

387,254,711

60,673,535

635,455,050

50,517,725

550,990,285

Reinvestments

of

distributions:

Class

A

299,932

3,049,934

394,391

3,963,055

815,199

8,524,838

Class

I

134,802

1,415,415

205,967

2,136,473

563,086

6,066,973

Premier

Class

2,586

27,097

6,450

66,748

16,235

174,643

Class

R6

1,326,674

13,940,915

2,017,779

20,917,461

3,568,037

38,428,017

Retirement

Class

302,631

3,208,480

423,884

4,434,311

943,023

10,247,412

Class

W

–

–

–

–

1,318,661

13,806,382

Total

reinvestments

of

distributions

2,066,625

21,641,841

3,048,471

31,518,048

7,224,241

77,248,265

Redemptions:

Class

A

(2,167,228)

(22,131,101)

(2,593,681)

(26,316,099)

(3,415,635)

(37,024,736)

Class

I

(3,388,859)

(35,788,497)

(4,930,366)

(51,510,463)

(7,688,218)

(83,389,968)

Premier

Class

(11,276)

(118,715)

(168,393)

(1,735,965)

(56,354)

(609,477)

Class

R6

(13,546,739)

(142,162,166)

(11,367,625)

(118,426,790)

(25,799,990)

(295,420,202)

Retirement

Class

(1,565,084)

(16,662,766)

(2,597,626)

(27,400,363)

(2,779,420)

(30,758,626)

Class

W

(23,596,093)

(248,163,592)

(24,053,242)

(252,579,348)

(27,780,021)

(306,875,664)

Total

redemptions

(44,275,279)

(465,026,837)

(45,710,933)

(477,969,028)

(67,519,638)

(754,078,673)

Net

increase

(decrease)

from

shareholder

transactions

(5,520,833)

$

(56,130,285)

18,011,073

$

189,004,070

(9,777,672)

$

(125,840,123)

Notes

to

Financial

Statements

(continued)

22

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

foreign

currency

transactions,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments

and

taxable

overdistribution.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of

year end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Year

Ended

3/31/23

7.2

Real

Estate

Securities

Select

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

718,536

$

12,426,270

1,066,960

$

17,392,751

2,029,480

$

37,199,439

Class

I

503,866

8,971,718

1,073,969

17,642,498

3,472,263

61,557,539

Premier

Class

221,131

3,766,797

289,064

4,819,294

247,894

4,481,629

Class

R6

7,830,141

137,017,940

13,364,176

218,219,672

20,885,303

372,123,432

Retirement

Class

433,649

8,144,003

1,270,163

21,500,327

1,556,783

29,879,362

Total

subscriptions

9,707,323

170,326,728

17,064,332

279,574,542

28,191,723

505,241,401

Reinvestments

of

distributions:

Class

A

369,673

6,636,400

525,758

8,498,987

1,144,072

18,760,617

Class

I

52,333

944,196

121,039

1,971,716

380,679

6,301,718

Premier

Class

22,804

413,590

49,793

811,129

107,545

1,780,489

Class

R6

2,609,598

47,304,121

3,525,080

57,511,280

6,629,825

109,692,155

Retirement

Class

493,439

9,400,598

745,977

12,796,339

1,395,865

24,241,976

Total

reinvestments

of

distributions

3,547,847

64,698,905

4,967,647

81,589,451

9,657,986

160,776,955

Redemptions:

Class

A

(2,579,395)

(44,888,136)

(5,207,264)

(84,329,563)

(4,478,700)

(79,331,282)

Class

I

(1,335,504)

(23,138,068)

(4,839,946)

(78,615,073)

(4,164,281)

(72,278,870)

Premier

Class

(821,964)

(14,068,970)

(918,544)

(14,630,649)

(265,541)

(4,825,375)

Class

R6

(18,864,474)

(332,950,471)

(21,935,422)

(358,847,732)

(35,367,851)

(630,038,783)

Retirement

Class

(5,111,574)

(96,196,766)

(4,180,019)

(74,001,644)

(2,557,271)

(48,191,270)

Total

redemptions

(28,712,911)

(511,242,411)

(37,081,195)

(610,424,661)

(46,833,644)

(834,665,580)

Net

increase

(decrease)

from

shareholder

transactions

(15,457,741)

$

(276,216,778)

(15,049,216)

$

(249,260,668)

(8,983,935)

$

(168,647,224)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

7.1

Inflation

Linked

Bond

$3,048,655,084

$2,465,047

$(140,576,238)

$(138,111,191)

7.2

Real

Estate

Securities

Select

1,869,512,243

944,457,315

(37,391,490)

907,065,825

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

7.1

Inflation

Linked

Bond

$–

$–

$(138,111,191)

$(59,838,348)

$–

$(667,683)

$(198,617,222)

7.2

Real

Estate

Securities

Select

–

–

907,065,824

(143,202,359)

–

(586,314)

763,277,151

23

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryovers:

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Under

the

terms

of

the

Investment

Management

Agreement

with

respect

to

each

Fund, the

Adviser provides

asset

management

services

to

the

Fund

for

an

annual

fee,

payable

monthly.

The

Funds

have

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Funds

pay the

Adviser for

its

costs

in

providing

certain

administrative

and

compliance

services

to

the

Funds.

The

Adviser

has

agreed

to

gradually

reduce

expenses

allocated

to

the

Funds

under

the

Administrative

Services

Agreement

over

a

three-year

period

commencing

May

1,

2024.

After

the

expiration

of

this

three-year

period,

the

Adviser

will

no

longer

allocate

expenses

to

the

Funds

under

the

Administrative

Services

Agreement.

Under

the

terms

of

a

Retirement

Class

Service

Agreement

with

respect

to

each

Fund,

the

Retirement

Class

of

the

Fund

incurs

an

annual

fee

of

0.25%

of

the

daily

net

assets,

payable

monthly

to

the

Adviser,

for

certain

administrative

costs

associated

with

the

maintenance

of

Retirement

Class

shares

on

retirement

plan

or

other

platforms.

Substantially

all

of

the

Retirement

Class

shareholder

servicing

fees

reported

on

the

Statement

of

Operations

are

paid

to

the

Adviser

under

the

Service

Agreement.

Nuveen

Securities,

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA,

distributes

the

Funds’

shares.

Under

the

terms

of

the

distribution

agreement,

Nuveen

Securities

is

not

compensated.

Nuveen

Securities

does

not

currently

enter

into

agreements,

or

otherwise

pay,

other

intermediaries

to

sell

shares

of

the

Funds.

Under

the

terms

of

a

distribution

Rule

12b-1

plan, Class

A

shares of

each

Fund

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to Class

A

shares of

the

Fund

at

the

annual

rate

of

0.25%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Class

A

shares.

The

Premier

Class

of

each

Fund

is

subject

to

a

distribution

Rule

12b-1

plan

that

compensates

Nuveen

Securities

for

providing

distribution,

promotional

and/or

shareholder

services

to

the

Premier

Class

of

the

Fund

at

the

annual

rate

of

0.15%

of

the

average

daily

net

assets

attributable

to

the

Fund’s

Premier

Class.

The

Adviser has

contractually

agreed

to

waive

and/or

reimburse

Class

W’s

shares’

Management

fees

and

Other

expenses

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

acquired

fund

fees

and

expenses,

trustee

expenses

and

extraordinary

expenses)

in

their

entirety.

The

Adviser

expects

this

waiver

and/or

reimbursement

to

remain

in

effect

indefinitely,

unless

changed

or

terminated

with

approval

of

the

Board.

The

Management

fees

and

Other

expenses

of

Class

W

shares

that

have

been

waived

by the

Adviser may

be

incurred

directly

or

indirectly,

all

or

in

part,

by

investors

in

Class

W

shares.

Effective

May

1,

2024,

the

management

fee

schedule

for

each

Fund

consists

of

two

components:

a

Fund-level

fee,

based

only

on

the

amount

of

assets

within

a

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

assets

managed

by

the

Adviser

and

Nuveen

Fund

Advisors,

LLC

(“Nuveen

Fund

Advisors”).

As

of

May

1,

2024

for

each

Fund

subject

to

the

complex-level

fee,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

a

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

Therefore,

the

maximum

management

fee

rate

for

each

Fund

is

the

Fund-level

fee

plus

0.1600%.

The

complex-level

fee

rate

for

each

such

Fund

is

determined

by

taking

the

current

overall

complex-level

fee

rate

and

applying

the

rate

to

all

eligible

assets

of

the

fund.

With

respect

to

the

assets

of

each

such

Fund

that

are

not

eligible

assets,

those

assets

are

subject

to

the

maximum

complex-level

fee

rate

(0.1600%).

As

of

May

1,

2024,

11%

of

the

net

assets

of

each

such

Fund

are

eligible

assets,

and

that

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

net

assets

of

a

Fund.

The

current

overall

complex-level

fee

schedule

is

as

follows:

Nine

Months

Ended

12/31/24

Year

Ended

3/31/24

Year

Ended

3/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

7.1

Inflation

Linked

Bond

$

91,178,704

$

–

$

–

$

111,223,768

$

–

$

–

$

176,247,179

$

19,810,747

$

–

7.2

Real

Estate

Securities

Select

62,321,612

–

3,010,823

82,402,400

–

–

76,877,994

85,648,260

–

Fund

Short-Term

Long-Term

Total

7.1

Inflation

Linked

Bond

$

15,600,400

$

44,237,948

$

59,838,348

7.2

Real

Estate

Securities

Select

132,969,999

10,232,360

143,202,359

Fund

Utilized

7.1

Inflation

Linked

Bond

$–

7.2

Real

Estate

Securities

Select

117,863,535

Complex

Level

Asset

Breakpoint

Level*

Complex

Level

Fee

For

the

first

$124.3

billion

0.1600%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Notes

to

Financial

Statements

(continued)

24

*The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen-branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

Adviser-advised

active

equity

and

fixed

income

Nuveen

Mutual

Funds

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

Nuveen

Fund

Advisors

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

Nuveen

Fund

Advisors

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

December

31,

2024,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

reimburse

each

Fund

if

its

total

expense

ratio

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses)

exceeds

certain

percentages.

Effective

May

1,

2024,

the

Fund-Level

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Prior

to

May

1,

2024,

the

investment

management

fee,

service

agreement

fee,

distribution

fee

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

For

the

period

May

1,

2023

through

April

30,

2024,

for

a

one

year

period,

the

Adviser

agreed

to

voluntarily

waive

a

portion

of

the

investment

management

fee

and/or

the

expense

cap

for

certain

funds.

This

waiver

is

voluntary

in

nature

and

can

be

discontinued

at

any

time

without

prior

notice

to

shareholders

upon

Board

approval.

The

investment

management

fee

and

maximum

expense

amounts

(after

voluntary

waivers)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets

for

each

class:

Fund

Complex-Level

Fee

7.1

Inflation

Linked

Bond

0.1597%

7.2

Real

Estate

Securities

Select

0.1597%

Fund-Level

Fee

Range

Maximum

Expense

Amounts‡

Fund

Class

A

Class

I

Premier

Class

Class

R6

Retirement

Class

Class

W

7.1

Inflation

Linked

Bond*

0.040%—0.090%

0.650

%

0.450

%

0.450

%

0.300

%

0.550

%

0.300

%

7.2

Real

Estate

Securities

Select*

0.190%—0.340%

0.920

0.720

0.720

0.570

0.820

–

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

expense

reimbursement

arrangements

will

continue

through

at

least

July

31,

2025.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Class

A

Class

I

Premier

Class

Class

R6

Retirement

Class

Class

W

7.1

Inflation

Linked

Bond*

0.200

%

—0.250

%

0.650

%

0.450

%

0.450

%

0.300

%

0.550

%

0.300

%

7.2

Real

Estate

Securities

Select*

0.350

%

—0.500

%

0.920

0.720

0.720

0.570

0.820

–

Investment

Management

Fee

Range

Maximum

Expense

Amounts‡

Fund

Class

A

Class

I

Premier

Class

Class

R6

Retirement

Class

Class

W

7.1

Inflation

Linked

Bond*

0.180

%

—0.230

%

0.630

%

0.430

%

0.430

%

0.280

%

0.530

%

0.280

%

7.2

Real

Estate

Securities

Select*

0.330

%

—0.480

%

0.900

0.700

0.700

0.550

0.800

–

*

This

Fund

is

subject

to

a

breakpoint

schedule

on

its

investment

management

fee,

which

reduces

this

fee

as

the

Fund’s

net

assets

increase.

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

25

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds,

which

is

disclosed

below, is

recognized

in

"Affiliated

Income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the

Funds

at

the

end

of

the

reporting

period

are

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and

Liabilities.

During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

The Funds are

permitted

to

purchase

or

sell securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Adviser

or

by

an

affiliate

of

the

Adviser

(each

an,

"Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-

trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

affected

at

the

current

market price

(as

provided

by

an

independent

pricing

service) without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

did

not

engage

in

security

transactions

with

affiliated

entities. 

A

registered

separate

account

of

TIAA

(collectively

“TIAA

Access”)

has

various

sub-accounts

that

invest

in

the

Funds,

and

certain

funds

within

the

Trust

also

make

investments

in

the

Funds.

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

the

end

of

the

current

fiscal

period:

9.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

10.

Line

of

Credit

The

Funds

participated

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

facility

was

entered

into

on

June

13,

2023,

and

expired

on

June

11,

2024.

Certain

affiliated

accounts,

each

of

which

is

managed

by

the

Adviser,

or

an

affiliate

of

the

Adviser,

also

participated

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

was

borne

by

the

participating

accounts

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

was

charged

to

the

borrowing

accounts

at

a

specified

rate

of

interest.

The

Funds

were

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds

during

the

current

fiscal

period.

During

June

2024,

the

Funds,

along

with

certain

funds

managed

by

the

Adviser

or

by

an

affiliate

of

the

Adviser (“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes),

and

replaces

the

previous

facility.

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2025.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds

during

the

current

fiscal

period.

Fund

Value

7.2

Real

Estate

Securities

Select

$268,094

Underlying

Fund

Nuveen

Lifecycle

Funds

Nuveen

Lifecycle

Index

Funds

TIAA

Access

Total

7.1

Inflation

Linked

Bond

29

%

45

%

–

%

74

%

7.2

Real

Estate

Securities

Select

–

–

15

15

26

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

interest

income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

interest

income

and/or

short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Qualified business

income

(QBI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified business

income

for

individuals

pursuant

to

Section 199A

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

7.1

Inflation

Linked

Bond

$

–

7.2

Real

Estate

Securities

Select

–

Fund

Percentage

7.1

Inflation

Linked

Bond

—

%

7.2

Real

Estate

Securities

Select

1

.6

Fund

Percentage

7.1

Inflation

Linked

Bond

—

%

7.2

Real

Estate

Securities

Select

1

.6

Fund

1/1

to

Prior

Year

End

Percentage

1

4/1

to

Current

Year

End

Percentage

7.1

Inflation

Linked

Bond

100

.0

%

62

.7

%

7.2

Real

Estate

Securities

Select

0

.9

0

.7

1

Effective

April

1,

2024,

the

Funds

changed

their

year

end

from

March

31

to

December

31.

27

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code: 

Fund

Percentage

7.1

Inflation

Linked

Bond

–

%

7.2

Real

Estate

Securities

Select

92

.2

Fund

Percentage

7.1

Inflation

Linked

Bond

94

.4

%

7.2

Real

Estate

Securities

Select

1

.2

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Teachers Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1)	Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.
(a)(2)	Not applicable.
(a)(3)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4)	Not applicable.
(a)(5)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TIAA-CREF Funds

Date: March 7, 2025	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: March 7, 2025	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer (principal executive officer)
Date: March 7, 2025	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller (principal financial officer)